European Parliament says Crypto can challenge banking sector, but it’s not the government’s problem

The European Parliament met and issued a statement on Cryptocurrency saying that cryptocurrency’s use of blockchain technology may challenge and even replace the traditional banking sector but then said its not the government’s problem and that the banking sector has to adapt and adopt this new technology if it wants to survive. This makes it one of the first cases where major governments are not supportive of banks in their fight against the takeover from cryptocurrencies and may signal the turning point where Banks actually have to stand ground on their own merit rather than bribe government officials to make regulations unfavorable to crypto to keep themselves in the game. Europe now is a leader in cryptocurrency and blockchain technology and hopefully the United States can follow suit with the European parliament in not tilting the tables in favor of the traditional banking sector and let them compete on their own merit. If that happens, most of the traditional finance sector will have to incorporate crypto or adopt it in order to survive in the future.